Shares of Navin Fluorine International, one of the largest Indian manufacturers of speciality fluorochemicals, surged 17.3% in Friday’s intraday trade, October 31, to hit a fresh record high of ₹ 5,839 apiece, after the company delivered a stellar performance in the September quarter.
The robust results also led analysts to revise their target prices upward, helping the stock snap a six-day losing streak.
The company delivered an impressive performance, reporting robust growth across all three business divisions and a notable margin expansion. Revenue came in at ₹758 crore, marking a 46% YoY and 5% QoQ increase.
Segment-wise, the HPP segment recorded a revenue growth of 38% YoY to ₹ 404 crore, driven by volume gains and improved price realisations. The Specialty Chemicals division posted a 39% YoY increase, reaching ₹219 crore, while the CDMO segment grew a staggering 98% YoY to ₹134 crore, contributing significantly to the overall performance.
The company reported its highest-ever quarterly EBITDA margin of 32.5% during the quarter, despite global uncertainties. The management expressed confidence in maintaining EBITDA margins near 30% for FY26, following a strong first-half performance.
On the back of strong revenue and operational performance, the company’s net profit surged 152% YoY and 27% QoQ to ₹148 crore in the September quarter.
Brokerages lift targets; see long-term growth momentum
Following the Q2 results, Axis Securities upgraded its rating on the stock to ‘Buy’ from ‘Hold,’ while raising the target price to ₹5,930 apiece, up from ₹5,400 earlier.
The brokerage noted that the company’s expansion plans across all three business segments underscore its focus on increasing value addition, tapping high-margin opportunities, and diversifying into fast-growing sectors.
Its consistent track record of forging global partnerships and expanding its product portfolio supports a positive long-term growth outlook. Axis Securities also anticipates accelerated growth from FY27 onwards as key growth drivers gain traction.
Global brokerage firm UBS also lifted the target price on the stock to ₹5900 apiece, while keeping its ‘buy’ rating.
Likewise, Centrum Broking also reiterated its ‘Buy’ rating with a target price of ₹6,000 apiece.
Centrum highlighted that the company is among the few specialty chemicals companies deriving over 75% of its revenue and an even higher share of profit from global innovators.
Further, order wins from Honeywell for HFO and Chemours for Advanced Materials (a first in India) underscore NFIL’s positioning as a preferred partner for new and complex platforms and chemistries.